Decalogue on how to be prepared for Immediate Information Sharing - SII
With a view to rollout of Immediate Information Sharing, if your company belongs to one of the following groups, you are required to submit the VAT books electronically from July 1, 2017:
Large companies (with annual turnover in euros above €6,010,121.04)
Company groups for VAT purposes
Taxpayers registered in the monthly refund regime (REDEME)
Companies opting to join this new VAT management model voluntarily
The 10 steps highlighted here will help you understand what it consists of, how to approach it and what you need to do to get ready in just under 6 months.
Which documents must I submit to the AEAT electronically?
Record book of invoices issued
Record book of invoices received
Investment Goods record book
Record book of certain intra-Community transactions
What are the terms for electronic submission of documents?
Invoices Issued: four calendar days as of invoice issuance.
Invoices Received: four calendar days as of the moment of the registration for accounting purposes.
Investment Goods: within four calendar days of the start of shipment or transport, or, where indicated, from the moment the goods are received.
Intra-community Transactions: four calendar days as of the start of shipment or transport, or, where indicated, from the moment the goods are received. During the first semester of 2017, the previous four-day period is extended to 8 calendar days.
Which documents do we no longer need to submit to the AEAT? Models 390, 340 and 347.
What is the message structure defined by the AEAT? The AEAT has defined the use of XML format for exchanging information through Web Services. The message structure is based on the creation of XML schemas using the W3C recommendation of 20th October, 2004. It consists of a common header with information on the holder of each record book, followed by a block with details of the invoices.
Where are the necessary data extracted from to create this XML? Capturing the data on invoices sent and received can be done directly from the client's ERP or accounting system in the agreed format, which is adapted to your internal management system, before being converted into the format required by the tax agency.
How can I connect to the AEAT to submit the record books? The new SII system has a Web Service for secure and automatic sending as well as a Web Portal for taxpayers engaging in few transactions, or lacking the technical means.
Which actions can be taken on each record book? Authorization, cancellation and modification operations, and collections/payments may also be added for the records of invoices sent and received (special VAT regime).
How will the AEAT notify the status of remittances? The public agency issues an acknowledgment or reply message confirming receipt of each statement, simplifying preparation of the record books and comparison with the information submitted to the AEAT. The AEAT shall notify the result of the remittance with the following status reports, which may be integrated in the ERP: full acceptance, partial acceptance or total rejection.
Do VAT book entries need to be saved electronically? One of the main features of the new Immediate Information Sharing system is the huge amount of data that companies will be obliged to submit and exchange with the AEAT. EDICOM has a value-added service that automates the process of archiving, retrieval and electronic processing of the VAT record books and the responses sent out by the AEAT. This way, your company’s VAT books are replicated under strict conditions of security and integrity in a platform accredited by European regulation 910/2014 on trust services.
What are the penalties for failure to meet the VAT ledger submission deadlines? Infractions are specified in article 200 of the Official State Gazette (BOE), which states that delays in the obligation to submit the record books through the Electronic Office of the State Tax Administration Agency shall be penalized with a proportional fine of 0.5 percent of the amount of the invoice in question, with a quarterly minimum of 300 euros and a maximum of 6,000 euros.